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Though the National Treasury announced stepped-up bond issuance on Friday, more will likely be needed to cover the effects of the coronavirus economic slowdown and the looming hole it will create in the government’s revenues, analysts have warned.

On Friday the Treasury announced increases in its weekly auction levels, raising the amounts issued for its fixed-rate and weekly inflation-linked bond auctions. The increases, however, are intended to cover the deficit announced in February’s budget, which was forecast at 6.8% of GDP, and are unlikely to cover the toll the coronavirus containment efforts are expected to take on the state’s finances.

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